1. Introduction of Microeconomics
Lecturer: Jiang Li

2. Content
Lecturer
Objectives
Requirement

3. Office: Room 515 West Building 3
Lecturer
Contact
Phone No.: /686146
Office: Room 515 West Building 3

4. Objectives 1.It will help you understand the world in which you live.
Why Study Economics？
1.It will help you understand the world in which you live.
2.It will make you a more participant in the economy.
3.It will give you a better understanding of both the potential and the limits of economic policy.

5. Objectives What will we learn in this semester?
Chapter 1: Ten principles of Economics
Chapter 4: The Market Forces of Supply and Demand
Chapter 5: Elasticity and Its application
Chapter 6: Supply, Demand and Government Policies
Chapter 7: Consumers, Producers and the Efficiency of Markets
Chapter 8: Application: The Costs of Taxation
Chapter 9: Application: International Trade
Chapter 10: Externalities
Chapter 11: Public Goods and Common Resources
Chapter 12: The Costs of Production
Chapter 13: Firms in the Competitive Markets
Chapter 14: Monopoly

6. Text：
Essentials of Economics by Mankiw
Reference：
1）Economics by Paul A. Samuelson & William D. Nordhaus
2）Microeconomics by Paul A. Samuelson & William D. Nordhaus

7. How to Learn Well
Most new college students have not been taught good study skills, yet we professors often assume they have such skills. This is the first of four slides that summarize an FYI box from the textbook which describes proven strategies for learning and retention.
If you’re pressed for time, you can of course skip these slides, but please urge your students to read this FYI box.
But if you can spare 30 minutes of class time, there’s a very effective activity you can do in class which lets students see for themselves the power of active reading and teaching a partner. I describe this activity in the notes section of the fourth “FYI: How to Read Your Textbook” slide. This activity could replace showing these four slides in class, though your students should still read the corresponding FYI box in the book.
1. Read before class. You’ll get more out of class. 2. Summarize, don’t highlight. Highlighting is a passive activity that won’t improve your comprehension or retention. Instead, summarize each section in your own words. Then, compare your summary to the one at the end of the chapter. *
© 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 7

8. How to Learn Well
3. Test yourself. Try the “Quick Quiz” that follows each section before moving on to the next section. Write your answers down, compare them to the answers the teacher offered. If your answers are incorrect, review the section before moving on. 4. Practice, practice, practice. Work through the end-of-chapter review questions and problems. They are often good practice for the exams. And the more you use your new knowledge, the more solid it will become.
If you do not like “They are often good practice for the exams,” please feel free to delete it. I’ve found, though, that students are more motivated to work practice problems when they think that doing so will help them earn a higher score on the exam. *
© 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 8

9. How to Learn Well
5. Study in groups. Gt together with a few classmates to review each chapter, quiz each other, and help each other understand the material. 6. Teach someone. The best way to learn something is to teach it to someone else, such as a study partner or friend.
If your classroom computer has a live Internet connection, you should be able to click on the link and visit the textbook’s website. It’s worth taking 2-3 minutes of class time to show students the resources there. *
© 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 9

10. How to Learn Well
7. Don’t skip the real world examples. Read the Case Studies and “In The News” boxes in each chapter. They will help you see how the new terms, concepts, models, and graphs apply to the real world. As you read the newspaper or watch the TV news, see if you can find the connections with what you’re learning in the textbook.
Here’s the activity I mentioned a few slides back. I have used it many times with terrific results.
Find two newspaper articles on topical economic issues. The articles must be (1) short enough that a beginning college student can read either of them in about 10 minutes, (2) appropriate for the lay reader, and (3) very interesting. Make enough copies for all students in your class. Use different colored paper for each article, e.g. yellow for Article 1 and blue for Article 2. In class, instruct students to pair up. In each student pair, one student is assigned Article 1, the other assigned Article 2. Tell students they will have 15 minutes to read their assigned article. Then, each student will have 5 minutes to teach the contents of his or her article to his or her partner. Tell students it is not acceptable to merely give a paragraph-by-paragraph summary when teaching their article to their partner.
Use your timer or a watch to announce when the 15 minutes are up and it’s time to start teaching. Five minutes later, announce when it’s time for the other student to teach his/her article. Five minutes later, stop the activity and re-group as a class. Ask your students the following questions.
1) “How did you read your article, knowing that you were going to have to teach it to someone in a few minutes? Did you read it the same way as when you’re reading the newspaper on your own? Explain.” Summarize their responses on the board; likely responses will include “I took notes,” “I tried to identify the main point and the supporting information,” “I kept going back and re-reading sections of the article,” or “I kept jumping around the article, looking for connections between ideas or facts.” After taking students’ responses, you can add a couple of your own if you like.
2) “Having read the article using these techniques, do you think you learned more from it and will retain more than if you read the article they way you would when you’re reading the paper on your own? Explain.” There should be a consensus that, yes, using these techniques leads to more learning and better retention.
3) “Are there any other contexts in which you might benefit from using these techniques while reading?” The students should realize the obvious answer: reading their textbooks or other assigned readings in their college courses. *
© 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 10

11. Requirements
Questions and sugesstions are welcome!
Absence will be punished. Absence rate is beyond one third of the total class times. Failure is the only option.
Tardiness (迟到) will be record and negatively affect your final score.

12. Classroom Policy Arrive to class on time.
Remain in the classroom the entire class period.
Attend all classes except when serious illness or some other emergency prevents you from attending class. Absence from class for any reason does not excuse the student from responsibility for any assigned work.
Students are not allowed to consume food, drinks, or chewing gum in the classroom.
No cell phones may be operated while class is in session.
Students that operate a cellular/digital telephones, unauthorized electronic devices in the classroom will have their grade reduced by two point each time.
Any student sleeping during the class period will be asked to leave.

13. Requirements Grading: Final Test 40% Online Quizzes 20%
News Reporting 10%
Group Paper 10%
Class Participation 10%
Online E-learning 10%

14. Formation of Groups
Students will work in groups which should be formed by week 3 of the semester.
Students are encouraged to work on the case throughout the semester.
Each group is assigned one case to be presented during week 15 of the semester.
An electronic copy of the report will also be submitted through online learning platform.
More details about the cases will be posted to the course website.